Hi guys, this is my overview for XAUUSD, feel free to check it and write your feedback in commentsđź‘Š
After exiting a prior wedge formation, the price entered a prolonged phase of sideways movement.
This established a wide flat channel, with a clear resistance zone near $3400 and a strong support base around $3255.
For an extended period, the asset rotated within this range, making several attempts to breach both the upper and lower boundaries.
The most recent rally was forcefully rejected from the resistance area at $3400, indicating strong selling pressure.
This rejection initiated a significant downward impulse, which has now positioned the price in the lower half of the consolidation range.
I expect that after a brief upward retest, the bearish momentum will resume, pushing the price down to its primary target at the $3255 support level.
If this post is useful to you, you can support me with like/boost and advice in comments❤️
Disclaimer: As part of ThinkMarkets’ Influencer Program, I am sponsored to share and publish their charts in my analysis.
After exiting a prior wedge formation, the price entered a prolonged phase of sideways movement.
This established a wide flat channel, with a clear resistance zone near $3400 and a strong support base around $3255.
For an extended period, the asset rotated within this range, making several attempts to breach both the upper and lower boundaries.
The most recent rally was forcefully rejected from the resistance area at $3400, indicating strong selling pressure.
This rejection initiated a significant downward impulse, which has now positioned the price in the lower half of the consolidation range.
I expect that after a brief upward retest, the bearish momentum will resume, pushing the price down to its primary target at the $3255 support level.
If this post is useful to you, you can support me with like/boost and advice in comments❤️
Disclaimer: As part of ThinkMarkets’ Influencer Program, I am sponsored to share and publish their charts in my analysis.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
🔶 Free telegram channel👉 bit.ly/4fKXOY0
🔥 Join our paid VIP community with Forex and Crypto signals in order to improve your trading skills, my contact 👉 bit.ly/4ibtiIs
đź’Ž ThinkMarkets Ambassador Join & explore bit.ly/4j6sALJ
🔥 Join our paid VIP community with Forex and Crypto signals in order to improve your trading skills, my contact 👉 bit.ly/4ibtiIs
đź’Ž ThinkMarkets Ambassador Join & explore bit.ly/4j6sALJ
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.